Major Indices Lower on China Trade Concerns

First Look

Markets are slightly lower in the pre-market Monday morning. U.S and Chinese officials are scheduled to resume high-level face-to-face trade negotiation in Washington Thursday. Senior Chinese trade officials have narrowed the scope of issues the country is willing to discuss and have implied a reluctance to agree to any wide-ranging deal with the U.S. China’s top trade negotiator, Vice Premier Liu He, said the country would make an offer that does not include any commitments on industrial policy or government subsidy reforms. Analysts suggest that China’s hand is strengthening in negotiations amid the Trump impeachment proceedings, along with the weak U.S. manufacturing data. British Prime Minister Boris Johnson insists that the UK will split from the European Union by October 31, even though EU officials have requested several significant changes to Johnson’s new Brexit deal. The Dow Jones is down -0.24%, the S&P 500 is down -0.27%, the Nasdaq is down -0.29%.

Today's market outlook is Neutral

All art is exploitation.
Sherman Alexie

Stocks on the Move

E*TRADE Financial Corp (ETFC), General Electric Company (GE) and NVIDIA Corporation (NVDA) are moving higher this morning, while Under Armour Inc Class A (UAA), Tiffany & Co. (TIF) and Centurylink Inc (CTL) are headed lower. Match Group Inc (MTCH), Uber Technologies Inc (UBER) and RingCentral Inc (RNG) were upgraded by analysts this morning, while HP Inc (HPQ), Steelcase Inc. (SCS) and Knoll Inc (KNL) were downgraded.

International Markets

Stocks in Asia are mixed. The Australia ASX All Ordinaries is up 0.75%, the Nikkei 225 is down -0.16%, the Mumbai Sensex is down -0.38% the Shanghai SE Composite Index is down -0.92% and the Hang Seng is down -1.11%. In Europe stocks are up. The FTSE 100 is up 0.24%, the Euro Stoxx 50 is up 0.23%, the DAX is up 0.21% and the CAC 40 is up 0.16%.

Futures and Currencies

Energy futures are mixed today. The price for West Texas Intermediate crude oil is up 0.61 at 53.42 per barrel. Brent crude is up 0.52 at 58.89 per barrel. Natural Gas is down -0.04 at 2.31. Precious metals are mixed this morning. Gold is down -4.71 at 1499.95 per ounce. Platinum is up 0.53 at 880.55 while silver is down -0.09 at 17.54. The dollar is down compared to the major currencies today. The greenback is down against the euro, down against the Yen and down against the Pound.

Put/Call Ratio

Yesterday, 916,877 call contracts traded on the Chicago Board Options Exchange (CBOE) compared to 598,296 put contracts. The single-session put/call was 0.65 while the 20-day moving average is now at 0.67.

Earnings Expected Today

Already a member?

Login to see your daily Morning Action trade idea.

Morning Action Trades

Receive a Morning Action trade idea every market day right here in the Morning Update. Also get our Stocks to Watch newsletter every Saturday with trade ideas.

Become A Member

  • Last Price:
    $296.25
  • Previous Close:
    $293.24
  • Day's Range:
    $296.14 - $298.74
  • 52-week Range:
    $302.63 - $233.76
  • Last Price:
    $268.08
  • Previous Close:
    $265.01
  • Day's Range:
    $267.62 - $270.14
  • 52-week Range:
    $273.99 - $216.97
  • Last Price:
    $191.11
  • Previous Close:
    $188.68
  • Day's Range:
    $190.72 - $192.63
  • 52-week Range:
    $195.55 - $143.46

Today's Economic Calendar

What's Happening Period Release Time
Consumer Credit Aug 15:00

All stocks and options shown are examples only. These are not recommendations to buy or sell any security and they do not represent in any way a positive or negative outlook for any security. Potential returns do not take into account your trade size, brokerage commissions, taxes or our subscription fees which will affect actual investment returns. Stocks and options involve risk and are not suitable for all investors and investing in options carries substantial risk. Prior to buying or selling options, a person must receive a copy of Characteristics and Risks of Standardized Options available at http://www.cboe.com/Resources/Intro.aspx. Privacy policy available upon request.